About life insurance coporation,history and liberalisation of life insurance coporation,key factors about life insurance coporation,operations in India,

2. LIFE INSURANCE CORPORATION
AND
IMPACT OF BILL PASSED IN
RAJYA SABHA ON LIC

3. INTRODUCTION
Life Insurance Corporation of India (LIC) is an Indian state-
owned insurance group and investment company
headquartered in Mumbai.
It is the largest insurance company in India with an
estimated asset value of 1560482crore(US$240 billion).
As of 2014 it had total life fund of Rs.1433103.14crore with
total value of policies sold of 367.82lakh that year.
The company was founded in 1956 when the Parliament of
India passed the Life Insurance of India Act that nationalized
the private insurance industry in India.

4. LIFE INSURANCE CORPRATION
NATIONALISATION IN 1955
 Eventually, the Parliament of India passed the Life Insurance of India Act on
June 19, 1956 creating the Life Insurance Corporation of India, which started
Operating in India.
 The Nationalisation of the life insurance business in India was a result of
the Industrial Policy Resolution of 1956, which had created a policy
framework for extending state control over at least seventeen sectors of
the economy, including life insurance.
LIBERALISATION IN 2000
 In August 2000, the Indian Government embarked on a program to
liberalise the Insurance Sector and opened it up for the private sector.
Ironically, LIC emerged as a beneficiary from this process with robust
performance, albeit on a base substantially higher than the private sector.
 In 2013 the First Year Premium compound annual growth rate (CAGR) was
24.53% while Total Life Premium CAGR was 19.28% matching the growth
of the life insurance industry and also outperforming general economic
growth.

5. KEY FACTORS ABOUT LIC
• TYPE OF INDUSTRY
• OWNER
• HEADQUARTERS
• KEY PEOPLE
• PROFITS
• REVENUE
• NO. OF EMPLOYEES
• TOTAL ASSETS

6. SUBSIDIARIES
THE LIFE INSURANCE CORPORATION HAS
EXPANDED THEIR ARMS IN DIFFERENT FIELD:
 LIC Nomura Mutual Fund
 LIC Housing Finance
 LIC Pension Fund Ltd.
 LIC International
 LIC Cards Services

7. OPERATIONS OF LIC IN INDIA.
• ZONAL OFFICES
• DIVISONAL OFFICES
• OVERALL BRANCHES
• SATELLITTE AND CORPORATE OFFICES
• CUSTOMERS ZONES
• INDIVIDUAL ZONES

8. IMPACT OF INSURANCE BILL PASSED
IN RAJYA SABHA
• FOREIGN DIRECT INVESTMENT CAPITAL
• REPLACED THE ORIDINANCE ISSUED BY GOVT.OF
INDIA
• INSURANCE REPOSITARY SYSTEM
• NEW CHANNELS
• CHANCES OF NEW INVESTMENTS
• CHANCES OF NEW PLAYERS IN THE MARKET
• INCREASE IN THE GROWTH RATE OF CAGR
• MORE AWARENESS WITH NEW POLICIES